Forest Avenue Capital Management LP Sells 525,900 Shares of Carnival Co. & plc (NYSE:CCL)

Forest Avenue Capital Management LP decreased its holdings in Carnival Co. & plc (NYSE:CCL) by 35.4% during the 2nd quarter, Holdings Channel.com reports. The fund owned 961,400 shares of the company’s stock after selling 525,900 shares during the quarter. Carnival Co. & accounts for 2.5% of Forest Avenue Capital Management LP’s investment portfolio, making the stock its 20th biggest holding. Forest Avenue Capital Management LP’s holdings in Carnival Co. & were worth $17,997,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Carnival Co. & in the 4th quarter worth $40,236,000. PNC Financial Services Group Inc. grew its position in Carnival Co. & by 7.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 176,147 shares of the company’s stock worth $3,266,000 after purchasing an additional 12,017 shares in the last quarter. US Bancorp DE increased its stake in Carnival Co. & by 8.0% in the 4th quarter. US Bancorp DE now owns 37,750 shares of the company’s stock valued at $700,000 after buying an additional 2,804 shares during the last quarter. FineMark National Bank & Trust bought a new position in shares of Carnival Co. & during the 4th quarter worth approximately $243,000. Finally, TCW Group Inc. purchased a new position in shares of Carnival Co. & in the 4th quarter worth approximately $280,000. Institutional investors and hedge funds own 67.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on CCL shares. Morgan Stanley lifted their price target on Carnival Co. & from $13.50 to $15.00 and gave the stock an “underweight” rating in a report on Wednesday, August 7th. Argus boosted their price target on shares of Carnival Co. & from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Carnival Co. & from $18.00 to $19.00 and gave the stock a “hold” rating in a report on Wednesday, June 26th. Truist Financial lifted their price objective on shares of Carnival Co. & from $17.00 to $20.00 and gave the company a “hold” rating in a research note on Tuesday, July 23rd. Finally, Stifel Nicolaus increased their target price on Carnival Co. & from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $22.63.

Carnival Co. & Trading Up 1.3 %

NYSE CCL opened at $19.00 on Friday. The company has a quick ratio of 0.24, a current ratio of 0.28 and a debt-to-equity ratio of 3.99. The stock’s 50-day simple moving average is $16.59 and its two-hundred day simple moving average is $16.14. Carnival Co. & plc has a twelve month low of $10.84 and a twelve month high of $19.74. The company has a market capitalization of $21.33 billion, a price-to-earnings ratio of 29.23 and a beta of 2.68.

Carnival Co. & (NYSE:CCL) last announced its quarterly earnings data on Tuesday, June 25th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.12. The company had revenue of $5.78 billion for the quarter, compared to analysts’ expectations of $5.68 billion. Carnival Co. & had a return on equity of 15.22% and a net margin of 3.86%. Carnival Co. &’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period last year, the firm posted ($0.31) EPS. Research analysts forecast that Carnival Co. & plc will post 1.19 EPS for the current fiscal year.

Carnival Co. & Profile

Carnival Corporation & plc engages in the provision of leisure travel services in North America, Australia, Europe, Asia, and internationally. The company operates through four segments: NAA Cruise Operations, Europe Cruise Operations, Cruise Support, and Tour and Other. It operates port destinations, private islands, and a solar park, as well as owns and operates hotels, lodges, glass-domed railcars, and motor coaches.